The Valley Virginian. [volume] (Staunton, Va.) 1865-1895, 1887-03-03
State Credit.

to a recent cOnleHblUu pSU"eeh WV va =,
our Eastern Virginia Democratic cotem-
One Of them, the Dispatch, :.
maintained that the credit Of Virginia !,
was good and sustained the assertion by
stating that the 8 per cent. bonds were
quoted at SIS cents on the dollar. end Ter
6 per cents at So or 81. The other' the
Petersburg Indec- appeal. c0ntroyerted TIE
conclusion that the Richmopd organ an
nounced, pointing out that quotations
were not sales. and that there was go
market for the 30. because there was DO
demand for them. except from the State
Indemnity Board. 1t is not to the accu-
racy of either statement or deduction
that it IS our purpose to refer IL Is TO
the far more important and pregnant 1acI
that the bonds of q great state, Will
natural resources unsurpassed by any other
Commonwealth in the Union-Whlch
stands as the gateway between the Ches&-
peake Bay and the Atlantic OCEAN ana |
the Pacltic--that is the middle link be- |
tween the Northern ard Southern States, |
with every attraction of climate, miner |
ais. water power and agricultural capacl |
ties. which should command the attention
OF capital and enterprise-With posslblll-
ties for material progrt SIS and wealth un-
limited-should be quoted in the CONNER
cial and business centres Of the country
at little more than so cents Oh the dollar.
There could be no more expressive or i'm
pressive commentary upon the manage
,,Pt (Nana 1laxO,X 1t II
than is contained in this simple, naked
statement. A State like Virginia. with
her history AID traditions, her geOgraph-
ical position and her natural wealth, to
haye her bonds nominaIiy quoted. at bank
rupt prices, with really no market value
no legitimate investors, is as lamentaoie
us il is discreGitable, and rs Illuminating as
it is lamentabIe " ith ordinary business
management in the past, there should now
be ne difficulty i'll placing her per cents
at par and her 1919 Is and cons0l 6s at a
premium. The most insignificant cities
can place their securities at par, and very
few of thea do not command a pre-
mium when they lear even less than per
cent. interest. Bat here is q great State,
with capacities for unlimited development
and unmeasurei wealth. reduced to the
pitiable condition of having no market for
her securities, and wIe, eexigencies require
sale. compelled 10 witness the state Of
things we have referred to.
With the condition Of our credit at this
low standard, does it not become the duty
of every loyal citizen to enquire into the
cause and devise a remedy? Are the PEG
pie Of the State willing to rest under such
repute- complaeently look upon the con-
tentions with tie creditors. quietly regard
the futile attempts Of the State authori-
ties 10 defy the courts, the law and the
constitution. and then pirate about the of
Tended ''sovereignty" of the Common
wealth in doing t,at which is condemned
by public policy as well as statutory and
fundamental law We 90 not believe
that-they will when the situation and the
consequences are brought before them in
their true light, and the magnitude of the
injury that is inflicted upon them is I'M
derstood.
Not only would it be wise policy for the
State to have a satisfactory adjustment Of
the difficulties, but it should be equally
desired by the creditors. The contentious
that have been going on for months and
years lave resulted in harm to both. AS a
mere matter Of dollars and cents both
have been the losers. The creditors have
had to encounter costs and expenses
equal to the coupons they have disposed
Of Tie State has lost not only directly
by the incidents Of litigation, but far
more than can be computed by figures in
character and credit. No inquiry is
made for her bonds as aninyestment. Cap
ital is not seeking location to develop our
wonderful natural resources. except in
exceptional cases. The tide Of business
activity is not touching our borders, ex-
cept to pass US by, leaving Only the drip
pings Of its benefits. Population, instead
of coming in, is leaving US. The youth
of the COMMONWEALTH hope Of her
future-are seeking other fields Of endeav-
or. and the State is only left with the con-
tending politicians, struggling for party
advantage, wranging in the courts to null
lily the laws, while all the great interests
of the Commonwealth are suffering, the
people discontinued and despondenG. and
the business world locking On with amaze
lnent In this fearful condition, DO brave
spirits come to tie front TO grapple with
the situation-to seek a ISOLATION of the
difficulties, and defyipg political rings and
caucus DEGREES. boldly demand that The
ruinous strife shall cease and an honor
able and a practical plan, for adjustment
he formulated. This cannot Is done uu-
less those entrusted with the work and
duty are capable Of rising above the low
plane Of partizan advantage to one that is
consistent with the honor and welfare of
the Commonwealth. and the rights of all
concerned. Both the creditor and the
State ought now to be satisfied that they
have nothing to gain and everything to
lose by longer continuance in angry S.
tention and costly litigation, and be ready
to meet and discuss the matters at issue
from business standpoint and on bust
ness principles. Were this spirit to dom
mate, there ought to be no insuperable
difficulties to encounter. We do not be-
leve there would be, for those entrusted
with the work, would readily understand
that unless there were mutual concessions
AMI mutual sacrifices OF prejudieeand feel
ing, no satisfactory conclusion could be
reached.
The Governor has Issued a call for the
Legislature to convene in extra session on
the 10Th of the present month. lie has not
taken the people into his confidence and
given item The reasons for or the OBJ
jects of this extraordinary official &C.
tion. We viii nct PREJUDICE his motive,
or anticipate the result Of The deliberations
of the General Assembly. We trust he
has some well digested plan to present,
looking to a solution Of the complications
and embarrassmCn-s which encompass the
Commonwealth. and that higher consid- |
GRAFTON than mere party advane m ent will
ANIMATE both fin ana the Leeis 'ature.-I
We have no right, in view OF the past, to
expect that suca will be the case. He has |
L., az ;n;